Why does the Powerball jackpot increase over time—and what was the largest payout in history?

The Powerball jackpot rolled on Monday night, after the latest in a series of drawings spanning several months ended, again, without a winner taking it all. Lottery officials estimated that the massive prize fund climbed to $1 billion in the drawing's aftermath, reaching a historic amount only seen twice before in the game's history. In addition to ranking as the third-largest ultimate Powerball prize, the estimated jackpot is also the seventh-largest ever seen in the United States, according to Powerball. 

As usual, the next drawing will be broadcast live from the Florida Lottery studio on Wednesday night, beginning at 10:59 p.m. ET, and will be available to stream in real time on Powerball.com. Until then, hopeful players can enter for a one-in-300-million chance — roughly — to win.